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NATGAS: Market expects TTF Summer 25/Winter 25 spread to widen: Platts

NATGAS
Energy BulletsBulletPower BulletsCommodities

Traders expect the TTF Summer/Winter 25 spread to widen, as current levels are disincentivising storage injections next summer, Platts said.

  • Sources told Platts that the tight spreads reflect an “over-relaxed” market, anticipating a mild winter 24 and elevated storage levels by the start of summer 25.
  • However, current summer/winter spreads are too narrow to incentivise injections during summer and will need to widen further to for storage levels to meet targets ahead of winter, Platts said.
  • Aside from the lack of concern about supply shortages for late 2025 - pressuring the winter element of the spread - summer is elevated amid expectations of a tighter LNG market for 2025.
  • The delayed startups for LNG infrastructure, coupled with expected demand growth and expanding global regasification capacity means greater competition for cargoes during injection season.
  • Consequently, NWE would need to outbid other regions to secure LNG cargoes. 
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Traders expect the TTF Summer/Winter 25 spread to widen, as current levels are disincentivising storage injections next summer, Platts said.

  • Sources told Platts that the tight spreads reflect an “over-relaxed” market, anticipating a mild winter 24 and elevated storage levels by the start of summer 25.
  • However, current summer/winter spreads are too narrow to incentivise injections during summer and will need to widen further to for storage levels to meet targets ahead of winter, Platts said.
  • Aside from the lack of concern about supply shortages for late 2025 - pressuring the winter element of the spread - summer is elevated amid expectations of a tighter LNG market for 2025.
  • The delayed startups for LNG infrastructure, coupled with expected demand growth and expanding global regasification capacity means greater competition for cargoes during injection season.
  • Consequently, NWE would need to outbid other regions to secure LNG cargoes.